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According to the latest report by Bloomberg New Energy Finance, electric vehicle sales in Latin America soared by 90% in 2018, and demand growth in Mexico, Colombia and Costa Rica was the main reason
for the surge in sales in the region.
Mexico, in particular, sold more than
half of the region's total sales of electric vehicles in 2018.
Although the overall EV market in Latin America is much smaller than that in East Asia, Europe and North America, accounting for less than 1% of global EV sales in 2018, the growth of the EV market in Latin America has increased
significantly thanks to strong policy incentives and development goals.
Mexico and Costa Rica, for example, exempt many taxes on electric vehicles, while Colombia has set a target of registering 600,000 electric vehicles by 2030
.
At the same time, automakers are keenly aware of the opportunities
in the Latin American market.
For example, BYD is very popular in the electric bus market in Latin America, and Tesla is also selling its most popular model, the Model 3
, in Mexico.
Bloomberg expects the Latin American electric vehicle market to continue to grow
in the coming years as the cost of electric vehicles continues to fall, new models and governments increase procurement of electric buses.
According to the latest report by Bloomberg New Energy Finance, electric vehicle sales in Latin America soared by 90% in 2018, and demand growth in Mexico, Colombia and Costa Rica was the main reason
for the surge in sales in the region.
Mexico, in particular, sold more than
half of the region's total sales of electric vehicles in 2018.
Although the overall EV market in Latin America is much smaller than that in East Asia, Europe and North America, accounting for less than 1% of global EV sales in 2018, the growth of the EV market in Latin America has increased
significantly thanks to strong policy incentives and development goals.
Mexico and Costa Rica, for example, exempt many taxes on electric vehicles, while Colombia has set a target of registering 600,000 electric vehicles by 2030
.
At the same time, automakers are keenly aware of the opportunities
in the Latin American market.
For example, BYD is very popular in the electric bus market in Latin America, and Tesla is also selling its most popular model, the Model 3
, in Mexico.
Bloomberg expects the Latin American electric vehicle market to continue to grow
in the coming years as the cost of electric vehicles continues to fall, new models and governments increase procurement of electric buses.
